The case involves Gajanan Paper Mills Pvt Ltd, a Corporate Debtor (CD) undergoing CIRP. The Suspended Director was declared as the SRA and a resolution plan was approved on 14.10.2019. However, the plan implementation faced irregularities and defaults.
Gajanan Paper Mills Pvt Ltd is the Corporate Debtor.
A resolution plan submitted by the Suspended Director was approved on 14.10.2019.
The SRA failed to implement the approved resolution plan.
A liquidation application was filed due to the SRA's failure.
The CoC considered a proposal from an Operational Creditor for revival.
The SRA expressed inability to implement the resolution plan and withdrew opposition to liquidation.
SBI was the sole secured financial creditor and has recovered its entire admitted debt from one of the personal guarantors of the CD.
The CoC resolved to file an IA to reboot the CIRP process.
The Tribunal allowed the application and permitted the re-issuance of Form-G.
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Resolution plan submitted by the Suspended…
The SRA filed an…
The case involves Gajanan Paper Mills Pvt Ltd, a Corporate Debtor (CD) undergoing CIRP. The Suspended Director was declared as the SRA and a resolution plan was approved on 14.10.2019. However, the plan implementation faced irregularities and defaults.
Gajanan Paper Mills Pvt Ltd is the Corporate Debtor.
A resolution plan submitted by the Suspended Director was approved on 14.10.2019.
The SRA failed to implement the approved resolution plan.
A liquidation application was filed due to the SRA's failure.
The CoC considered a proposal from an Operational Creditor for revival.
The SRA expressed inability to implement the resolution plan and withdrew opposition to liquidation.
SBI was the sole secured financial creditor and has recovered its entire admitted debt from one of the personal guarantors of the CD.
The CoC resolved to file an IA to reboot the CIRP process.
The Tribunal allowed the application and permitted the re-issuance of Form-G.
Resolution plan submitted by the Suspended…
The SRA filed an…